Is India going to ban Bitcoin? Here is story so far Infomastion Zone Today News....શું ભારત બિટકોઇન પર પ્રતિબંધ લગાવી રહ્યું છે? અહીં વાર્તા છે અત્યાર સુધી ઇન્ફોમેશન ઝોન ટુડે સમાચાર ....

 The Indian government is closer than ever to impose a blanket ban on crypto-currency trading, mining and investments in the country. This will include the much talked about Bitcoin along as well as other popular crypto-currencies. A bill for the same has already been proposed and on Tuesday, Finance Minister Nirmala Sitharaman said in the Rajya Sabha that a high-level Inter-Ministerial Committee (IMC) has been constituted under the Chairmanship of Secretary (Economic Affairs) to study the issues related to virtual currencies and propose actions through which all private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India.

Bitcoin

The government has also proposed to launch Reserve Bank of India (RBI) backed Central Bank-backed Digital Currency (CBDC). This leaves the industry and investors uncertain about the future of virtual currencies in India. However, this isn't the first time when government has tried to act against crypto-currency. Here is a complete look at everything that has happened so far.

What is crypto-currency and how is it different from CBDC?

Crypto-currency is the generic name given to virtual currency. It is used as a digital asset designed to work as a medium of exchange. They work using blockchain which is a decentralized technology spread across many computers that manages and records transactions. There are 6700 different types of crypto-currency traded publicly, according to CoinMarketCap.com, a market research website. Some of the popular ones include Bitcoin, Dogecoin, Ethereum, XRP etc.

None of these crypto-currencies are issued by the central bank of a nation. That's what differentiates them from CBDCs. The latter is a digital currency which holds the same value as fiat currencies issued by a country's central bank. People's Bank of China was the first major central bank to announce it would experiment with a CBDC.